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Cashforce secures € 2 million funding to fuel its international expansion

Nicolas Christiaen

15/02/18

Cashforce secures € 2 million funding to fuel its international expansion

The Belgian business magazine Trends has dedicated an extensive article on BelCham Board of Directors Member Michel Akkermans’ most recent investment: a capital injection of 2 million EUR in the Belgian startup Cashforce. The round was led by Akkermans’ private investment company Pamica together with BelCham Patron Member Volta Ventures, where he serves as a Venture Partner. Two years ago, both firms had already invested 1 million EUR in the startup. [Article copyright: Belcham, 2018: https://www.belcham.org/news-full/belcham-board-member-michel-akkermans-invests-2-mio-eur-cashforce/]

Cashforce develops software for cash flow management using banking data, internal company data from ERP-systems and other data sources. The startup’s clients include TomTom, Greenyard Foods and Hyundai. The capital raise will support its further international expansion. After opening an office in the Netherlands in 2017, the startup now targets France and the United Kingdom. Furthermore, Cashforce plans to enter the US market still within the year.

Akkermans will take up a seat as president of the board. “I will not only invest more money, but also more time into Cashforce,” he comments in Trends. “I want to make sure that they can avoid those mistakes that I made at the start of my career.”

After founding FICS and Data4S, Akkermans sold his company Clear2Pay together with co-founder Jurgen Ingels to FIS for 375 million EUR in 2014. Ever since, he has been active as a serial entrepreneur with a focus on young tech companies. So far, he has invested in ca. 20 startups including BelCham Atelier Members NGData, IntellectEU, Awingu, ThreeandMore and Yields.io.

When asked which startup he is most proud of, Akkermans refuses to answer: “As a parent, you can only be as happy as your most unhappy child. I have the same feeling as an investor: you take care of all the companies you invest in as much as possible.”